The recently published (2021/2022) study of international business environments in various countries of the world - GEM - data looks extremely favorable for Lithuania! Entrepreneurship indicators of the countries - participants were studied and various business development indicators were assessed according to the criteria included in the scope of many GEM surveys. Lithuania was evaluated with extremely high scores in terms of entrepreneurial environment. Data for GEM research, research of business environment in 2021/2022 in Lithuania was mainly collected and processed by representatives of two Lithuanian organizations - employees of Vilnius University (VU) and Enterprise Lithuania – those two organizations were most actively involved in the GEM Lithuania research.
GEM, also known as the Global Entrepreneurship Monitoring Study, is a non-profit academic research consortium that aims to provide freely accessible and high-quality information on the current issue of entrepreneurship worldwide to the widest possible audience. The GEM survey is also important in that participating countries must be included in the Global Entrepreneurship and Development Index (GEDI). Thanks to this index, comparisons can be made, highlighting countries weaknesses and potential areas and opportunities for improvement in the national business sector and entrepreneurship, and the results can be widely applied in shaping countries internal policies and programs.
The entrepreneurial situation in Lithuania was reviewed in great detail in the GEM survey of 2021/2022. In the study, all countries were divided into three groups in terms of GDP per capita: Group A (countries, where an average annual GDP per capita is more than USD 40,000), Group B countries, where an average annual GDP per capita is between 20,000 and 40,000 USD) and Group C (countries, where GDP per capita is less than 20 000 USD). According to this grouping, Lithuania was included in group B and was classified as a middle-income country. The GEM study focused on the study participants in each group. Lithuania, as a representative of Group B, is significantly ahead of the other 18 Group B countries in terms of most of the various entrepreneurship indicators. Lithuania ranks 1st among Group B countries in terms of the totality of evaluations of various entrepreneurship indicators, Lithuania leads in many areas related to entrepreneurship as the absolute leader of Group B countries: Lithuania leads the way in transfer and application of research and development (collected 5.8 out of 10 points) in entrepreneurship education at schools (4.7 out of 10 points), commercial and professional infrastructure (6.8 / 10 points), ease of entry for new businesses (in terms of potential difficulties and regulations) (6.5 / 10 points), social and cultural norms (6.2 / 10 points) and in many other areas. Lithuania gained recognition and was highly praised in various other areas of GEM research: experts firmly agreed that the measures taken by some governments in crisis situations and a quick, appropriate response helped to prevent new business downturns: the best results in this area were recorded in Saudi Arabia (Group A) and Lithuania (Group B).
Global Entrepreneurship Monitor 2021/2022 Global Report
Entrepreneurial conditions in Lithuania were also assessed favorably: in terms of as many as 12 different criteria of entrepreneurship, Lithuania was assessed as a sufficiently competent state paying sufficient (more than average) attention to entrepreneurship and its development. In the international index of entrepreneurship context compiled during the GEM research, Lithuania, as a country, is included in the TOP 5 list together with such countries as the UAE (United Arab Emirates), the Netherlands, Finland and Saudi Arabia. It is worth mentioning that Lithuania is the only country from Group B of the GEM survey (all others are listed in A category ), which is included in the TOP 5 list of leaders of the Entrepreneurship Context Index. According to GEM research, Lithuania pays special attention to and strongly supports women starting businesses (Lithuania, the UAE and India are leaders in this field). According to the collected data, Lithuania also differs significantly from other countries in its business environment culture: nature, environment and environmental protection in this country are considered a higher priority than the profitability of businesses and the growth rate of the business sector.
Analyzing the results of the GEM international survey, it becomes clear that Lithuania is one of the world leaders in the field of entrepreneurship among the countries where the population receives a medium-sized income. According to the GEM survey, Lithuania is a country that pays a lot of attention to the entrepreneurial environment and its development. It is a modern stat, that continues to develop, invests both in the development and promotion of financial literacy and entrepreneurship of the population, and in new technologies that help the country's businesses remain competitive and grow and strengthen their position in the global, rapidly changing market. You can read more data and reports of the international GEM survey in 2021/2022 here!